How will Blockchain impact our lives?

How will Blockchain impact our lives?
 

How will Blockchain impact our lives?

The rising demand for the cryptocurrency has changed the overall layout of the global transaction. Back in 2009 bitcoin started its journey in the modern work with a vision to create fast, secure and transparent banking system. Nowadays you can easily purchase almost anything with the bitcoin. Large organizations and business are now gradually embracing bitcoin as a medium of transaction. This digital cryptocurrency is not only limited to bitcoins, people are also fascinated with other cryptocurrencies like Ethereum, ripple, Dash etc. So how do the people store these cryptocurrencies safely? All the cryptocurrency users have their own blockchain often known as digital ledger where all the financial transactions are recorded in a chromatic manner. The best part about this blockchain technology is that it’s completely transparent and any kind of digital information can be easily coded with the blockchain technology. Let’s dive deep into the details.

What is Blockchain?

The blockchain is nothing but a newly invented technology which has altered the backbone of financial transactions. This technology is widely popular for its incorruptible nature. Once a transaction is made verified in the Blockchain network, no one can alter or erase the record from this digital ledger. To be precise every completed cryptocurrency transaction adds a new and permanent based on a complex algorithm.

This blockchain technology can easily be used in the virtual world for any kinds of secured information transfer. Though the ledger is public the identity of the cryptocurrency owner will be coded with a complex algorithm for public safety.

How will blockchain technology affect our life?

Everyone is fascinated with the blockchain technology. People are able to transfer their money anywhere in the world in the super-fast digital medium. They don’t have to pay the heavy fees since there is no middleman involved in such transactions. However, when a transaction is made, you will be charged a small fee since millions of people are spending their computing power to solve the complexity of the equation of cryptocurrency transfer. This blockchain technology is often referred as a decentralized database for the digital transfer of cryptocurrency. Due to its decentralized structure, people all over the world have already started to embrace cryptocurrency over fiat money to cut their living cost significantly.

The possibility of blockchain technology is not only limited to financial transaction structure. It can also be used to in presidential election where each and every vote will be counted without any corruption. This will ensure that fair voting system in any state. This technology can eliminate the groundbreaking security threat which the people face while transferring information over the internet. The complex modulated structure of this blockchain technology has built-in rigidity.

Why are the banks scared of Blockchains?

Though the popularity of blockchain technology has spread over the globe many countries are still worried about its future. Vietnam, for example, has already banned the use of cryptocurrency and has made it a punishable offense. Any person who directly or indirectly participates in cryptocurrency transfer will be fined. Banking institutions are very scared of the blockchain technology since their traditional banking system is obsolete in comparison with the peer to peer transaction. Moreover, some banking institutions are more concerned about the intrinsic value of the bitcoin and other cryptocurrencies. The leading economist believes that the rising price of a crypto currency is nothing but the skyrocketing demand of the consumers. Due to some unexpected reason, if such demands fall in the global economy, the cryptocurrency bubble is bound to burst. When a large number of people start to embrace cryptocurrency a sudden burst in the bubble will create a global economic crisis. The price of a cryptocurrency is extremely volatile in nature and there is no standard medium of exchange for this cryptocurrency. Therefore banks have a solid reason to be scared of the bitcoin as its blockchain technology has the potential to eliminate traditional banking system as well bringing dark light in the society.

What is ahead of us?

A million dollar question? But to be honest no one can give you an exact answer about the future of cryptocurrency. Experts can just provide hypothetical assumptions based on the current demand and supply. If things go well for the cryptocurrency, it won’t take much time for the large institutions to embrace cryptocurrency as their preferred method of payment. On the contrary government bank will always try to cap the use of cryptocurrency to retain the balance of traditional transaction over the digital ledger. With that being said, as the price of a cryptocurrency is expected to stabilize soon, it will definitely create more trust in the mind of crypto users. However, strict monitoring is required to save countries from illegal transactions which can cause a big threat to the nations.

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